London, 30 December 2017
New license agreement with Modec International Inc.
The Baobab license group have negotiated a new operating agreement for the leased Baobab FPSO with Modec International Inc.
The new operating contract regarding the FPSO was signed by CNR and Modec early in the year, setting out the principles for the long-term cooperation with focus on operational performance and securing that the vessel is maintained and fit for purpose throughout the licence period.
“A lot of work went into establishing a set of agreements, which would meet this objective resulting in a bare boat charter and operating & maintenance agreements being signed in February this year,” says Jan Hagen, Executive Vice President responsible for development and production. The new contracts comprise an incentive scheme and are based on KPIs covering HSE, asset integrity and production.